An open letter to Marketing Managers
There are changes you need to know about your audience before developing your next marketing strategy and marketing budget.
Dear Marketing Managers,
Let’s face it, these last few years have been a wild ride. Perhaps your marketing budget has been brutally cut to make way for a radical change in business structure because of a pandemic. Or maybe your business was savvy, listened to your advice, and kept your budget strong over this time.
Either way, COVID-19 changed things.
And then, your audience was hit with the costs associated with an economy that is still trying to fight its way back.
So your consumers have changed… again.
Consumer behaviour has changed radically. How does your marketing keep up?
Whether you operate a product or service-based business, you will be affected by a shift in the way we communicate, engage, connect and consume.
Here is what you need to consider:
1. There’s been a switch to online shopping and digital information consumption.
You thought people spent a lot of time on their phones before! That was just the beginning.
The pandemic forced us to become more digitally savvy to stay connected, for entertainment and to buy! Even grandparents were using the Woolworths shopping app to order their groceries.
People are spending their time differently, are more able to use technology, and more open to it (here’s how to leverage this through digital marketing).
2. Consumers have been making the jump between brands for more value.
A McKinsey & Company study found that as price sensitivity increased, value remained a primary focus for consumers. The study says – “Aside from value, convenience and availability are most often cited as top drivers of consumers’ decisions about where to shop, while quality and purpose (desire to support local businesses, for example) are the more important considerations when choosing new brands”.
Another article from McKinsey & Company said “During the pandemic, consumers have switched brands at an unprecedented rate, and these shifts… are expected to continue”.
This is a good sign for our passionate push to buy local, but a challenge when it comes to maintaining customer loyalty if the value isn’t there.
3. Competitors aren’t your biggest foe – your client or customer’s last best experience is.
Your customers or clients’ expectations from your business have been on the rise for some time. Digital reviews and online platforms have really enabled this.
As such, personalisation and a quality client/customer experience have become essential to brand loyalty. It’s easy for your audience to simply jump ship now if you aren’t up to scratch.
This article from Forbes cites Carla Hassan, CMO at Citi, who stated that customers expect more than just a digital transaction now. They want proactive and highly personalised experiences along every step of their journey.
Phew. That’s a lot to think about!
Stuck on a fresh strategy?
We offer strategy sessions to help get you on course to meet your goals.
So how can you allocate your marketing budget knowing that the world of marketing has evolved?
It’s a big question and worth putting some time aside to consider how these changes affect your business (coffee and a nice charcuterie board might be a must here).
Essentially, it might be worth digging up the old marketing strategy and giving it an update in line with any new goals and your evolved audience.
Here are some things to consider:
- How do you surprise and delight your audience online? If you aren’t, think about the value you can add, the community you can build, and the information you can share through your online communities. That might mean investing more time into your social media, do it! And if your website needs an upgrade, prioritise this so that your customer service shines.
- How do you reach your audience where they already are? Investing in digital advertising, remarketing, and digital collaborations could be an important consideration.
- Do you have a way that allows you to easily manage and tailor your conversations with your audience and target accounts? Tools like HubSpot enable you to provide that personalised customer journey with little ongoing heavy lifting.
- Can you offer more through your digital platforms? Can you service your clients or customers in a new way online? Think webinars, digital products, digital meetings and more.
- If you do have a strategy and plenty of things to tick off but are struggling to get it done, can you outsource your needs to a marketing agency that shares your values? Sometimes marketing managers have many hats to wear and many areas of the business to look after. Outsourcing can take away some of the burden and allow you to focus on what you do (and enjoy!) best.
Consider the shifts in behaviours, the marketing tools available to you, and prioritise the ones that will work for your business in your next marketing budget.
From, the team at The Marketing GP.
